MIG Capital LLC Invests $18.28 Million in Salesforce, Inc. (NYSE:CRM)

MIG Capital LLC acquired a new position in Salesforce, Inc. (NYSE:CRM) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 66,802 shares of the CRM provider’s stock, valued at approximately $18,284,000. Salesforce accounts for about 2.2% of MIG Capital LLC’s portfolio, making the stock its 16th biggest position.

Several other institutional investors have also added to or reduced their stakes in CRM. Fisher Asset Management LLC boosted its stake in shares of Salesforce by 2.6% in the 3rd quarter. Fisher Asset Management LLC now owns 12,276,551 shares of the CRM provider’s stock valued at $3,360,215,000 after purchasing an additional 314,530 shares during the last quarter. Legal & General Group Plc raised its stake in Salesforce by 2.2% during the second quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock worth $2,141,562,000 after buying an additional 176,641 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Salesforce by 1.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock valued at $1,632,599,000 after buying an additional 57,825 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Salesforce by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,912,854 shares of the CRM provider’s stock valued at $1,618,407,000 after acquiring an additional 96,381 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Salesforce by 25.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,378,826 shares of the CRM provider’s stock worth $1,125,331,000 after acquiring an additional 877,495 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Down 3.8 %

CRM stock opened at $330.01 on Thursday. The stock has a market cap of $315.49 billion, a P/E ratio of 57.39, a P/E/G ratio of 3.07 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock’s fifty day simple moving average is $299.57 and its two-hundred day simple moving average is $269.87. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $348.86.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the firm earned $1.63 EPS. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. Analysts expect that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s payout ratio is 27.83%.

Wall Street Analyst Weigh In

CRM has been the topic of a number of recent analyst reports. Stifel Nicolaus boosted their price objective on Salesforce from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Phillip Securities reissued an “accumulate” rating and issued a $305.00 price target on shares of Salesforce in a research note on Friday, August 30th. JMP Securities raised their price objective on shares of Salesforce from $342.00 to $450.00 and gave the stock a “market outperform” rating in a research report on Friday, November 22nd. Northland Capmk upgraded shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. increased their target price on shares of Salesforce from $310.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $341.89.

Insider Activity

In other news, COO Brian Millham sold 60,522 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total transaction of $18,156,600.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the completion of the sale, the insider now directly owns 4,659 shares of the company’s stock, valued at approximately $1,597,151.79. This trade represents a 13.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,510 shares of company stock valued at $42,475,538 in the last three months. Company insiders own 3.20% of the company’s stock.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.